EURUSD long set up
After being bearish on this pair in the early part of the week we are now seeing a daily reversal of PA
A daily bounce from support at 1.0500 rallied the bulls and broke the descending CTL to the upside
This bounce from support was also confluent with the 61% Fibonacci level
Expecting the pair to push higher over the coming trading days and maybe even test the resistance of the longer-term descending trend line.
This pair is the perfect example of not becoming 'attached' to a perspective/bias on the pair. As mentioned I was short on the pair at the start of the week but comments which deterred USD bulls led to a reversal in PA and perspective across the board. As such, I closed my shorts out in profit and re-assessed the market. Always let the price action dictate its next move to you rather than you try to dictate the markets through your beliefs, because frankly, the market doesn't care what you think.
Trade careful.
After being bearish on this pair in the early part of the week we are now seeing a daily reversal of PA
A daily bounce from support at 1.0500 rallied the bulls and broke the descending CTL to the upside
This bounce from support was also confluent with the 61% Fibonacci level
Expecting the pair to push higher over the coming trading days and maybe even test the resistance of the longer-term descending trend line.
This pair is the perfect example of not becoming 'attached' to a perspective/bias on the pair. As mentioned I was short on the pair at the start of the week but comments which deterred USD bulls led to a reversal in PA and perspective across the board. As such, I closed my shorts out in profit and re-assessed the market. Always let the price action dictate its next move to you rather than you try to dictate the markets through your beliefs, because frankly, the market doesn't care what you think.
Trade careful.